- China's leaders are set unveil a 10-year reform plan today following a four-day meeting that involved the 205-member Central Committee of the country's ruling Communist Party.
- While the government has been playing up the possible outcome of the parley, economists have been dampening expectations. China's leaders need to balance their desire to overhaul the economy with what is seen as the need to ensure that growth remains strong enough to preserve stability.
- Reform could involve eight key areas, including finance, taxation, state assets, innovation, foreign investment and governance. The liberalization of the economy is expected to be a key element of the program.
- Meanwhile, aggregate financing in China dropped to 856.4B yuan ($140.6B) in October from 1.4T in September and came in well below forecasts of 1.115T yuan. The decline may well reflect a tightening of lending conditions by the People's Bank of China.
- The M2 money supply rose 14.3% on year vs consensus of +14.2%.
- The Shanghai Composite +0.8%.
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